Hire Purchase is simple and quick to put in place. It appeals to customers of all shapes and sizes from sole traders to large fleets. A Typical Hire Purchase customer:
- Wants to retain ownership of the vehicle
- Is unsure of how long they wish to keep it
- Does not wish to be tied to mileage restrictions
- Does not want to use their capital or overdraft to pay for vehicles
Hire Purchase provides fixed repayments and fixed interest so you can control your costs.
The deposit amount and monthly repayment can be varied to fit your budget. This allows you to use your capital or overdraft facility to invest in your in your business rather than your vehicles. It also opens up an alternative line of credit which may be useful in the future.